Matthew Ray Discusses Rapid Firm Growth and the Future of Professional Services in Mergermarket

Originally published by Mergermarket | November 19, 2025 

Portage Point Partners, a business advisory, interim management, and investment banking firm focused on the middle market, is evaluating M&A for the first time, said CEO and founder Matthew Ray.

The Chicago-based company was established in 2016 and welcomed New Mountain Capital as a minority investor in September 2024 to support M&A and gain more recognition among potential clients as “a scaled player that has been institutionally vetted,” Ray said.

It is now looking for “strategic and accretive” deals that would grow existing capabilities or add new ones, as well as industry expertise or geographies, Ray said. It is especially interested in targets specializing in data and artificial intelligence, he added.

Portage Point offers transaction advisory, transaction execution, office of the CFO, performance improvement, interim management, investment banking, and turnaround and restructuring services. It recently launched a valuations practice, Ray noted.

Its sweet spot is companies with EBITDA between USD 5m and USD 25m, though Ray said Portage Point could look at smaller and larger targets. The company is considering acquisitions throughout the US but is particularly keen on building its presence on the West Coast, as well as Florida and the Southeast, he added.

It would like to close at least one acquisition next year “to establish our M&A muscle,” the CEO said. Portage Point is in active dialogue with six or seven targets, he noted.

Ray confirmed a Financial Times report noting Portage Point’s 2023 revenue as USD 70m. He declined to comment on current revenue but said the company grew around 100% in 2023 and roughly 50% in 2024. The business is “highly profitable” and debt-free and expects growth of 30% to 50% in coming years “if we can add talent fast enough,” the CEO said.

M&A could be funded through a mix of cash, earnouts, and debt, Ray said. Depending on size, service lines, and other factors, industry valuation multiples vary widely, from 6x to 20x EBITDA, he added. Typical EBITDA margins range from the high teens to the high 30% range, with Ray noting Portage Point’s is on the higher end.

Ray, 47, a former investment banking executive who also co-founded Victory Park Capital Advisors, launched Portage Point in 2016 with a goal to “take bulge bracket/blue chip talent to the mid-market.” He owns the majority of the business.

Given his age and desire to continue building the company, Ray said additional minority recaps are likely before a majority investment or full exit.

Portage Point covers a variety of verticals, including business services and healthcare. Clients include StubHub, Energold, Dermarite, Carestream, Supply Source, Digital Media Solutions, Appgate, and Lifeline Foods.

The company has about 200 employees across 11 US offices, Ray said.

Portage Point’s competitors range from the Big 4 consulting firms – Deloitte, EY, KPMG, and PwC – down to “small, nimble 5- to 10-person shops,” Ray said. Peers also include specific solution players such as RSM, BDO, Alvarez & Marsal, and AlixPartners, Ray said.

Portage Point aims to provide a “holistic set” of operations, finance and transactional support services, he added.

With analytics, automation, and AI changing the services landscape, Ray said consolidation is inevitable. “At a certain point, those companies without all three As won’t win projects.”

Portage Point uses law firm Kirkland & Ellis and accounting firm BDO. Jefferies advised on the New Mountain deal, while Ropes & Gray provided support to New Mountain.

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